Atal Pension Yojana crosses 1 crore subscribers in 3 years

Atal Pension Yojana has added over 1 crore subscribers since its launch in May 2015, the Pension Fund Regulatory and Development Authority (PFRDA) said on Tuesday.

Atal Pension Yojana (APY) was launched in May 2015 and current number of subscriber stands at 1.10 crore, the PFRDA said in a release. Till date, the APY has collected Rs 3,950 crore of contribution from subscribers

The scheme has generated around 9.10 per cent compounded annual growth rate (CAGR) since inception till March 2018, it said further.

A guaranteed pension scheme for citizens of India announced by the government on May 9, 2015, APY is focused on the unorganised sector workers which constitute more than 85 per cent of the workforce.

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Under this scheme, the guaranteed minimum pension of Rs 1,000 per month or Rs 2,000-5,000 per month will be given at the age of 60 years depending on the contributions by subscribers.

The spouse of a subscriber is also eligible for pension and the nominee receives the accumulated pension wealth. On completion of three years of the scheme, the PFRDA in coordination with ‘Department of Financial Services organised a massive outreach campaign ‘APY Formation Day’ across the country to enhance the enrolments in APY by banks and Department of Posts, it said.

“The subscriber base in APY has grown manifold to reach the current position and APY is offered by all the banks and post offices. Across the country, 1.60 lakh branches which includes 20,000 post offices offer the services of opening APY account for their customers,” the PFRDA said.

Out of this branch network, nearly 90 per cent of the branches have mobilised one or more APY account in the last three years. The top ten states in APY mobilisation are Uttar Pradesh (1,401,631); Bihar (1,061,660); Tamil Nadu (814,917); Maharashtra (758,695); Karnataka (686,504); Andhra Pradesh (686,504); West Bengal (551,471); Madhya Pradesh (498,111); Rajasthan (497,962) and Gujarat (486,465).